Get Peace of Mind with Retirement and Estate Planning in Surrey

When you have worked hard and plan to retire, you must prepare properly to enjoy it without worrying. This is where Schmidt Berg, Chartered Professional Accountants, comes into the picture. If you have been planning your retirement for a long time, you will have contributed to the Canada pension plan or your Canada RRSP retirement savings throughout your career.

Our retirement planners will help you calculate how much you have saved and update you on changes. Along with retirement planning, we also help you manage your estate planning in Surrey and throughout BC. Contact us today for more information.

What Is Estate Planning?

Estate planning covers many aspects, such as legal documents and arrangements for your family. It may encompass a range of items, from a living will for healthcare during incapacity to a will after death, naming an executor to implement your wishes, choosing a guardian for minor children, and more. Increasingly, experts are considering digital assets (e.g., Bitcoin, social media accounts) and cherished pets in estate planning.

Why Should You Make Plans for Your Estate?

Estate planning is essential for the following reasons—

Real estate planning—Real estate planning ensures the distribution of the assets the way you want after your death. If not planned, the distributed assets will be determined by the law/court, which might not be in your favour.
Reduces taxes—Estate planning reduces and minimizes taxes and beneficiaries that have to be paid on inherited assets. Trusts and gifts are suitable for reducing the tax burden.
Avoids probate—Estate planning done by a professional helps avoid extremely lengthy probate processes that can be time-consuming. It is a process undertaken in court to validate a will and distribute assets, which is an expensive option.
Planning for incapacity—When a person cannot make important decisions due to their medical condition/health, or any other issue, estate planning helps by giving the power to someone who can manage the finances and healthcare through the power of attorney and directives.

Challenges in Estate Planning

Estate planning involves various complexities and challenges, like every other field. These include complex laws involving planning through various provincial, federal, and sometimes international laws. These laws are made to supervise wills, trusts, taxes, and other legalities. Changes in families like marriage, divorce, birth or death increase complications in estate planning decisions.

Correctly valuing assets, especially high-value assets like real estate, business interests, and investments, is of the utmost importance to avoid tax liabilities for beneficiaries. Estate taxes become a significant concern during estate planning, as they significantly decrease the wealth that needs to be passed on. Hence, estate planning becomes essential for using trusts, gifts, and charitable contributions to help lower these taxes.

Why Should You Hire a CPA for Your Estate Planning in Surrey?

Estate planning often involves financial structures and tax considerations that extend beyond legal documentation. A Chartered Professional Accountant (CPA) can help address the financial and tax implications associated with estate planning under the Canadian tax law. At Schmidt Berg, Chartered Professional Accountants, we work alongside legal professionals to support coordinated planning and compliance.

Here are some benefits of hiring a chartered professional accountant—

Expertise - A CPA has expertise, experience and complete knowledge of taxation and its regulations. We offer expert advice on minimizing taxes through proper planning and compliance with the laws.
Guide in planning - We create a comprehensive financial plan which includes estate planning and other factors such as risk management, retirement planning, and investment strategies.
Valuation of assets - We can accurately evaluate your assets, which is essential for estate planning. Proper evaluation leads to adequate accounting of your assets for the plan and decreases disputes amongst beneficiaries.
Legal compliance - We ensure your estate plan complies with complex tax laws and regulations. We can prepare and file necessary tax returns, including estate tax returns (Form 706), and ensure that all legal requirements are met to avoid penalties and audits.

Estate Planning Services

We provide financial and tax-focused analysis that supports informed decision-making during the estate planning process. Common areas of involvement include:

Tax Planning After a Death

Calculation of deemed disposition of assets.
Identification of potential capital gains tax liabilities.
Review of rollover provisions available for spouses.

Income Tax Compliance

Preparation of terminal tax returns.
Filing of estate and trust tax returns, where applicable.
Review of ongoing filing obligations for trusts.

Asset Structuring Review

Evaluation of registered and non-registered accounts.
Coordination of beneficiary designations with tax outcomes.
Assessment of corporate assets and retained earnings.

Estate Liquidity Analysis

Identification of cash flow requirements for taxes and expenses.
Review of insurance coverage for estate funding.
Assessment of asset allocation and timing of distributions.

Estate Planning Checklist

Although estate planning may seem intimidating, you can start by considering your goals and wishes for your loved ones after your death. Taking the time to make these fundamental decisions beforehand can simplify the process and save resources. Some questions to consider:

Who do you wish to provide for after your death?
What assets do you own, and how do you want them distributed or allocated?
Who is your primary beneficiary, and who would be the alternate if something happened to that person?
Who do you want to serve as guardian for your minor children, and have they agreed to be the guardian?
Who will decide on your place if you cannot due to illness or injury?

Writing a will may seem complex and cumbersome, but it's a simple legal document that outlines critical responsibilities. You don't need to include your net worth or extensive lists, but the more information you provide your executor, the easier it will be for them to carry out their duties.

Services

Our retirement planning services include:

Canada pension plan advice

Retirement savings

Pension buyout tips

Estate planning and estate tax

Retirement planning

Inheritance tax and probate fees

Trust account

Tax-free savings (TFSA Canada)

We also offer other services, including corporate taxes, personal taxes, and estate taxes. Connect with us for more information!

Guidance for Your Retirement

Our retirement planning professionals can help you understand:

Probate fees (sometimes called “inheritance tax”)

Your Canada pension plan

Estate tax

Trust account

Retirement savings (Canada RRSP)

Why Choose Us?

Schmidt Berg, Chartered Professional Accountants, is among Surrey's top companies for estate planning. We offer personalized services to our clients based on their financial status, family dynamics, and preferences. Our team of experts and professionals is well equipped with the skills and experience to take on the most complex taxation situations. We aim to make your estate planning process smooth and straightforward. We also offer financial advice to our clients and guide them through the process. Our members also include professionals such as Chartered Professional Accountants (CPAs) and estate planning lawyers who are well versed in estate laws and tax regulations.

If you are considering planning your estate in Surrey, contact Schmidt Berg, Chartered Professional Accountants to make an appointment.

FAQ

Below, we have covered some frequently asked questions for your reference.

Plan Your Retirement

Secure your future with retirement and estate planning. Discuss with our CPA.

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